We are proud to present the summary of the first quarter of 2021, during which big developments occurred as well as some major product releases.
Technology and Products
We are working closely with the Cardano Foundation on building ADA Pay for Shelley Mainnet. As previously shared, we have finished making most of the backend compatible with Shelley and are in the final stages of completing the product. You can watch the video on the following link to learn more about the payment flow: https://www.youtube.com/watch?v=dWbYFf5C064.
New abilities on ADA mean new abilities on ADA Pay. Such abilities include paying with Native Assets (like ADA Native Stable Coins and NFTs), Staking for merchants and more. Get ready to be surprised!
A lot of progress has also been made on the COTI Debit Cards and Bank Accounts ends. Simplex has made COTI its designed partner, which means that the COTI community will be the first to receive the VISA debit cards and to be able enjoy some cool features. We already started working on the cards design, which we will soon share with you. Watch this interview between COTI and Simplex CEOs to learn more about COTI credit card and bank account features: https://www.youtube.com/watch?v=xKgcXLE_1Iw&t=700s
We have just completed and released the Ultra eWallet 2.0 which includes direct processing for users who already have crypto. The crypto gateway will enable Dafabet users to smoothly pay with their USDT tokens, which is expected to expand the volume of processing and the usage of Ultra eWallet.
We have been working relentlessly with a tier one exchange to integrate COTI’s Mainnet, for it to be able to list COTI’s Native coin and increase its liquidity This will in turn allow a full interoperability between our various networks. Although the integration, which is not fully controlled by our team, has taken longer than expected, we are happy to say that a lot of progress has already been made and that the listing is closer than ever.
Staking
Another major successful development was the launch of our improved Staking plan. In Staking 3.0 we significantly extend the amount of coins that can be staked on COTI’s full nodes.This supports the demand for the Native $COTI while reducing the circulating supply. Staking 3.0 currently has 123M COTI locked in staking and with the new staking cycle coming (April) this amount is going to increase to 135M COTI, taking in account the KuCoin staking campaign. Our Network’s growth allows us to expand our staking capacity while keeping the rewards high for all participants. COTI’s staking program is one of the most desired and lucrative staking programs in the space, and you can still apply to the waiting list.
Business development and partnerships
COTI’s business has continued to grow with the processing volume increasing on a monthly basis, as top merchants like Dafabet, Soft Gamings, 10bet, Kindergroup, Unibet, and more now use COTI’s payment solutions. The processing volume growth exceeds even our best expectations. This opens up new opportunities to seal long-term partnerships and commitments with merchants.
During Q1 we have announced the option of buying COTI with Apple Pay, the partnership with Orion Protocol, the launch of USDT-Margined COTI Perpetual Contracts with Up to 25X Leverage by Binance, the support of $COTI ERC20 and $GOVI on the MyEtherWallet and MyCrypto popular token lists, and the listing as a Payment Institution, at the Monetary Authority of Singapore (MAS).
We have participated in many AMAs and shows and we were happy to see that our efforts are getting top recognition by different channels. Thanks to our community regularly updating our events, we have been listed as “Coin with Potential” on CoinMarketCal with no less than the maximum hot score.
We have made great progress in the development of the Crypto Volatility Index (CVI) as well. As the year started, we released the Crypto Volatility Index (CVI) on MainNet. We have airdropped almost $15,000,000 worth of $GOVI tokens to the COTI community at no cost!
We have partnered and had an integration with Chainlink to further decentralize the CVI Index. Platform users can deposit USDT or ETH as well as buy positions or provide liquidity to the platform. The code behind CVI was published on Github and the contracts have been audited by Certik.
We have optimized the platform and have managed to decrease up to 50% of gas costs and to increase the $GOVI rewards for traders. We provided an advanced view dashboard for our professional users and opened a new incentive plan for those who provide liquidity on SushiSwap for ETH-COTI or ETH-GOVI pairs.
As Q2 2021 begins, we are focused on 3 main items:
- Finishing the integration of COTI’s Mainet on a new exchange
- Launching ADA Pay for Shelley network
- Issuing the first Debit Cards
Most of the work is already done and while we can’t dictate their pace to the major partners we’re working with, we are doing all we can to make sure that we remain at the very top of their minds so that we can launch as soon as possible. We have no doubt that, as always, we’ll deliver a quality product.
We continue to work on the rest of our deliverables, like COTI Pay for iOS and Ledger integration for Native $COTI, margin trading for CVI, and more. We will continue to update on the progress we make.
Q2, COTI is coming!
Stay COTI!
For all of our updates and to join the conversation, be sure to check out our channels:
Website: https://coti.io
Twitter: https://twitter.com/COTInetwork
Telegram: https://t.me/COTInetwork
Github: https://github.com/coti-io
Discord: https://discord.me/coti
Technical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf
